5 Strategies for IoT Monetization

SaaS Platforms

Companies interested in monetizing the IoT should implement a SaaS platform that provides flexibility and has been optimized for IoT business models. In addition to enabling companies to capture, analyze and quantify the massive volume of data generated by connected devices, SaaS platforms provide agility. Agile monetization solutions can be operated in real time and are scalable, extensible and configurable, which means they can be rapidly deployed in a variety of ways across industries. For companies that want to seamlessly bill transactions and recognize the associated revenue, having a flexible and agile SaaS platform in place is absolutely critical.

It’s estimated that there will be 26 billion connected devices in homes and businesses by 2020 and that the Internet of Things (IoT) has a potential economic impact of up to $11.1 trillion a year by 2025. Although still in its infancy stage, connected devices are becoming the new normal, and the IoT is already proving to have a significant impact on the creation of new products and services across verticals such as telecom, transportation and health care.

As IoT adoption continues to increase over the next few years, new opportunities will arise for companies to track and measure how customers are consuming products and services. Companies looking to generate revenue from the IoT will need to transform the information from smart, connected products into services by offering the entire product as a service, or using the product’s data stream to engage customers with additional services.

To help companies understand how best to monetize the IoT effectively, goTransverse has compiled five strategies to keep in mind.

Regardless of the pace at which businesses adopt the IoT, ITSM will have to evolve to deal with IoT-driven changes such as more connected nodes, data points and automation, all of which add complexity. ... More >>

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